Income Tax Documents

There are certain documents required to be submitted and held as evidence under Income Tax Act, 1961 and Income Tax Rules, 1962.

All the persons on whom Income Tax is applicable are accordingly required to act and submit such documents to Income Tax Department.

“Person” has been defined under Income Tax Act, 1961 as:an individual,

a Hindu undivided family,

a company,

a limited liability firm,

a firm,

a one-person company,

an association of persons or a body of individuals, whether incorporated or not,

a local authority, and

every artificial juridical person, not falling within any of the above category.

The Income Tax Department identifies the person by their PAN i.e. Permanent Account Number.

To get PAN, the person has to submit the following documents along with Form 49A (Application for Allotment of PAN)

In Case of Individual & HUF Person

Proof of Identity

Proof of Address

Proof of Date of BirthIn Case of Other than Individual & HUF Person

Copy of Registration Certificate

Proof of Address

Copy of Board Resolution

To get TAN (Tax Deduction and Collection Account Number), the person has to submit the following documents along with Form 49B (Application for Allotment of Tax Deduction and Collection Account Number)

Copy of PAN Card

The Basic documents are required for filing Income Tax returns as per the mode of Source of Income. These documents should be kept by a Person who is liable to file Income Tax Return. The following is the list of documents person wise.

Every person also has to keep followings along with the details furnished in Point 1 above.

TDS Return copy

TCS Return copy

Annual Return copy

Service Tax Return copy

Excise duty Return copy

CST/VAT Return copy

Other Statutory Returns copy

Copy of payment challan of all statutory obligations

Certificate of exemption for TDS

Other certificates related to exemption or tax benefits under different provisions of the Act.

Every person has to keep the followings documents, such as:

Memorandum and Articles of Association, if applicable

Partnership deed, if applicable

Trust deed, if applicable

Limited Liability partnership deed, if applicable

Registration Certificates, if applicable

Import export code number certificate, if applicable

Excise Registration number certificate, if applicable

Service Tax Registration number certificate, if applicable

CST / VAT Registration number certificate, if applicable

Shop & Establishment number certificate, if applicable

Professional Tax number certificate, if applicable

Every person, who avails the loan facilities, has to keep in records the following, wherever applicable:

Loan agreement with financial institution or bank

Loan confirmation letter

Loan disbursement letter

Repayment of loan receipts

Loan closure letter

In conclusion, Income tax also known as direct tax is levied directly on a person’s income and paid directly to government. On the other hand, Indirect tax is levied on commodities and services and paid through the supplier to government as per the respective provisions in respective acts. Every “person” as defined in Income Tax Act, 1961, has to keep all such documents as proofs of each and every transaction related to his/her Income and expenses and to justify to the government that the Taxable Income as shown is correct and accurate. Tax, thus computed on this taxable income, is also fair and correct. In case, there is any doubt regarding the computation, Income Tax department may ask for the production of any details along with the documentary proof to justify the computation.